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The metaverse is the internet’s next iteration. It broadly refers to shared virtual world settings where groups of people interact and experience a sense of reality. They can have an immersive experience with the rendered digital objects rather than merely viewing them. This might include everything from playing games, creating things, shopping online, going to meetings and lectures, enjoying concerts, and even strolling around the cosmos! Given how quickly digital MNCs are entering this market, it is only a matter of time before the frontiers of the metaverse see an exponential expansion.
India is not an exception to the trend of the metaverse concept gaining substantial popularity in recent years. The Indian metaverse has numerous opportunities to make a huge beneficial difference.
Need for the Metaverse
With over 1.3 billion people, India has a continuously expanding population, making it challenging to efficiently communicate and share information via conventional techniques. Digital communication tools like the internet, social media, and messaging applications provide a more effective and economical means to reach a huge number of people immediately. Online communication must now be more human-like, something far more similar to a physical space.
The nation has accepted doing business virtually due to increased logistics and shipping costs. The privilege to show digital artwork in one’s virtual home is also available when purchasing in-game assets with cryptocurrencies or non-fungible tokens (NFTs). People will be able to truly have their own space in this virtual world, which will be controlled by its community, and it will be more democratic.
There are some things that can only be done in virtual reality and augmented reality that cannot be done in real life across distances. There are ways you can simulate being together that are not possible on Zoom. You can use hand gestures (on some platforms), point to anything to explain, write or draw on a piece of paper, and explore together. Consider the amazing possibilities, such as a surgeons’ collaboration or building a clay model of a revolutionary automotive design. In an appropriate metaverse environment, these and a variety of other collaborative actions are all basic, which removes the obstacle of distance.
India’s Metaverse Landscape
A Statista report records that the revenue in the Metaverse market is projected to reach €1.53bn in 2023, which is expected to show an annual growth rate (CAGR 2023-2030) of 39.03%, resulting in a projected market volume of €15.36bn by 2030. One of the main factors propelling growth in India’s Metaverse market is the rise of startups developing cutting-edge solutions for this industry. Virtual worlds and immersive experiences are being created by many startups in India for users. Large investments are being made in these startups by venture capital firms, which are looking to take advantage of this market’s growth potential.
“As the Metaverse gains momentum in India, businesses have a unique chance to harness this cutting-edge technology to drive growth and stay ahead of the curve. By leveraging the Metaverse, we can transform the shopping experience, from personalized product recommendations to virtual storefronts, all while improving efficiency and scalability. The possibilities are endless, and it’s up to us as leaders in the industry to embrace this rising tide of innovation and creativity.” – Ashok Balasundaram, Co-Founder & Domain Lead, DaveAI.
As more individuals around the world get interested in exploring virtual worlds and experiences, we may expect to see more Indian enterprises enter the Metaverse field in the upcoming years. Likewise, the Indian government has expressed interest in investigating the Metaverse’s possibilities and may offer assistance to regional businesses and startups engaged in this field.
Challenges
As the metaverse is rapidly growing in India, one of the biggest challenges is in the area of regulation. While the metaverse provides vast opportunities, it also opens up certain ethical issues. As this technology is unregulated to a great extent, there is a need for clear ethical guidelines to ensure that it is used in a responsible manner.
Another challenge is in the area of infrastructure and high cost of hardware. While many companies are investing in this technology, its success will depend on how it will overcome the barriers of affordability, security and availability of high-speed internet connections. An organisation’s digital immaturity, interoperability, data security and privacy are some of the other key challenges to the adoption of metaverse.
Despite these limitations, the metaverse is opening up new avenues for innovation and creativity, and it has the potential to transform the Indian economy. The metaverse is a new frontier in the digital world, and India is well-positioned to take advantage of it.
To Sum Up
In India, the metaverse might still be in its infancy but, it has the potential to revolutionize the way people interact with each other. Businesses may generate new opportunities for marketing, collaboration, e-commerce, and education by utilizing the power of virtual environments. It is expected that more and more businesses in India will investigate the potential of the metaverse as technology develops.
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